On the weekend, Coinbase exchange’s electronic cash withdrawal system was suspended for US-based users because of a technical issue in its Automated Clearing House (ACH) system.
Coinbase is a Nasdaq-listed US-based popular crypto exchange, which is known to provide crypto services under full compliance. This exchange has a highly talented blockchain team, which always remains ready to fight against any kind of cyber attack on the platform. Exchange provides crypto trading as well as crypto assets custody services for institutional investors.
On 2 October, In between 6:57 am, ET to 12:41 pm ET, the Electronic Funds withdrawal service on the Coinbase exchange was unavailable for US Bank account holders. The main reason behind this thing was a technical issue in the Automated Clearing House (ACH) system, the electronic network that facilitates online transfers between US banks.
After 6 hours of outage in the Cash withdrawal system, Coinbase confirmed that all funds are safe and now the issue has been fixed, so customers can deposit & withdraw funds easily via the use of US-based bank accounts.
In between the US Banks fund deposit & withdrawal outage time frame, Coinbase was still accepting payments via PayPal & Debit card. So only a very small number of users faced problems, while the rest of the users were unaffected by that issue.